German Chancellor Gerhard Schroeder believes there is no sound economic reason for the strength of oil and is confident it will ease from its current high price.

Mr Schroeder stressed in an interview with Reuters that the global economy was buoyant.

"Certainly there are risks in rising oil and commodity prices, for which there are however no economic justification. I am confident that the prices will ease again, not least because of the recent Opec decisions," Mr Schroeder said in a written response to questions.

Crude oil prices hit 21-year-highs last week, but have since slipped from above $40 a barrel after Opec's pledge to bump up output and on evidence of increased supplies in the United States.

Mr Schroeder said it was important to realise that the global economy was growing at its fastest rate in 15 years.

"The IMF sees chances of even more rapid growth on the basis of expanding world trade, optimistic financial markets and the pick-up in the United States, Asia and Latin America," he said.

The International Monetary Fund is currently forecasting global growth of 4.6 per cent. Its chief economist said it may yet raise its global growth forecast despite the high price of oil, according to a newspaper interview released.

Mr Schroeder said German growth was relatively poor because of one special factor: reunification. However, he said that Germany had carried out significant economic reforms among his Agenda 2010 package of measures.

"I am certain that our reforms will strengthen economic growth," he said.